A broker works at the Mexican Market Exchange
The veteran head of Mexico’s stock exchange, Luis Téllez, has announced his resignation from the start of next year.
The official reason, given in a statement, is that the former minister and member of Mexico’s new sovereign fund plans to “dedicate himself to new projects”.
It is not yet clear who will step into the role as bourse chief, a position Mr Téllez has held since 2009. Under his stewardship, the stock market has developed a flourishing market in so-called Fibras, akin to real estate investment trusts, or REITS, and has just joined the MILA bourse tie-up with Chile, Peru and Colombia. Continue reading »
Like the country’s soap operas, Brazil’s presidential elections have been full of drama, improbable story lines and last-minute cliff hangers. Monday night was no different.
Just as Brazilians were beginning to wonder whether Aécio Neves of the centrist PSDB party could actually win this Sunday’s vote, a Datafolha poll showed President Dilma Rousseff ahead for the first time since the first round of elections on October 5. The results are still too close to call though, falling with the polling firm’s margin of error. Continue reading »
For months, the word “oil” in Mexico has gone hand-in-hand with “reform”, with the government has giddily looking ahead to a rosy future filled with billions of dollars pouring into the sector.
Then oil prices tanked and people started whispering that maybe Mexico’s energy reform was not looking so attractive after all, and maybe Mexico’s fragile economic recovery might be given another knock. Continue reading »
Even inside the labyrinthine central circle of Algeria’s governing regime, the magnitude of last month’s failure to auction off shares in the country’s energy reserves has not been lost.
While the officials that head the Agence Nationale pour la Valorisation des Ressources en Hydrocarbures (Alnaft) frantically try to determine why just four of the 31 oil and natural gas concessions the country offered to international energy companies this year were taken, former state energy executives are openly expressing their dismay. Continue reading »
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In a private meeting with the US Ambassador to China in 2007, provincial Communist Party secretary Li Keqiang described his country’s GDP figures as “man-made” and unreliable.
To get a good idea of what was happening to the economy in his province of Liaoning, Li said he preferred to focus on three alternative indicators: electricity consumption, volume of rail cargo and the amount of loans disbursed.
All other figures, and especially GDP statistics, were “for reference only”, Li told the Ambassador, with a broad smile on his face. Continue reading »
By Timi Soleye of CRYO Gas
Seated on the dais at an investment conference in one of Lagos’s posher hotels are the luminaries of the Nigerian power sector: the minister of power, the head of the national electricity regulator, the chairman of the presidential task-force on power and chief executives of the newly privatised electricity generation companies and distribution companies. They are desperate for the money of the reluctant foreign private equity managers and local investors who mill about the room.
It is a tough call. On November 1 a year will have passed since the effective privatisation of electricity generation and distribution in Nigeria and it must now be acknowledged that the privatisation is on the brink of collapse. Yet this is a good thing for Nigerians and for future investors. Continue reading »
** FT News **
* Total chief dies in Moscow air crash | Private jet carrying Christophe de Margerie hit snow-clearing machine
* Pistorius given five years in jail | Former athlete sentenced for culpable homicide for the manslaughter of his model girlfriend Continue reading »
The last time an Albanian prime minister visited Belgrade, the Iron Curtain was just descending across Europe, rock and roll had yet to be invented and Pelé was just six years old.
In this context, the decision of current Albanian premier Edi Rama to delay his planned trip to Serbia by a mere two and a half weeks may not seem hugely significant. But Rama’s postponement comes after a spat triggered by an episode bizarre even by Balkan standards and in the wake of subsequent attacks on Albanian property in Serbia. Continue reading »
If you are bored of Botswana, tired of Tunisia and Mongolia is just not edgy enough any more then perhaps Tajikistan could be your next true frontier market destination.
The Tajik government certainly hopes so. It has just organised its first ever investment conference – and with some 600 people in attendance, it would seem there is certainly some curiosity about what Tajikistan has to offer.
“The development of the private sector and attracting investment is one of our top priorities,” Tajikistan’s strongman president, Emomali Rahmon, told the assembled delegates in Dushanbe’s national library. “We definitely need huge investment to fully realise our resources and potential.” Continue reading »
** FT News **
* Turkey allows Kurds to relieve Kobani | Shift in policy as US carries out air drop of weapons to city’s defenders
* Total chief dies in Moscow air crash | Private jet carrying Christophe de Margerie hit snow-clearing machine Continue reading »
Brazil’s presidential election is heading for its second-round run-off on Sunday looking like the closest in a generation. As each side struggles for a breakthrough, the rhetoric is getting shrill.
Last week, it was the turn of Aécio Neves, the candidate of the pro-business opposition PSDB party, to exceed the limits of good taste. Angry over the negative campaign being run against him by his rival, the incumbent president Dilma Rousseff, he compared her rhetoric to the work of Joseph Goebbels, Adolf Hitler’s minister of propaganda. Continue reading »
There you are, taking it easy on your summer holiday in Istanbul or Dubai, searching online for the next restaurant to sample. You may not know it, but the information you seek could be coming to you courtesy of a small company based in Gurgaon, near New Delhi.
Zomato, an online restaurant directory, has become a household name in India. That could soon be true in many other markets. Over the past year the website has expanded quickly overseas – from Poland to New Zealand – through a mixture of acquisitions and organic growth. Continue reading »
GDP growth. Third-quarter growth could be the slowest since the depths of the global financial crisis, when China reported 6.6 per cent growth in the first quarter of 2009.
By Taras Kuzio of the University of Alberta
Ukraine’s pre-term parliamentary election on October 26 will elect a new parliament that will be undoubtedly pro-European but the jury is still out if it will lead to long overdue reforms and a strong fight against corruption. Three factors will influence the election results. Continue reading »
** FT News **
* Russia widens crackdown on McDonald’s | The latest salvo subjects almost half of the US group’s outlets in Russia to regulatory probes
* Rousseff admits to Petrobras wrongdoing | Brazil’s president looks to put a corruption scandal at the state-owned oil company behind her Continue reading »